CHIT FUND REGISTRATION COMPLETE INFORMATION
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REGISTRATION PROCESS The registration will not be given to: 1.Any individual or entity convicted of any offence under the Chit Fund Act or under any other Act regulating the business and sentenced to imprisonment for any such offence 2. Any individual or entity who had defaulted in payment of the fees or the filing of any statement or the record required to be paid or filed under this Act or had previously violated any of the provisions of this Act or the rules made thereunder Page 2
DOCUMENTS REQUIRED TO REGISTER CHIT FUND 1. Personal documents of the director • PAN Card details • ID proof (Voter ID card, Aadhar card, driving license)
passport,
• Address proof (Latest bank statement, electricity bill, mobile bill, telephone bill) • Passport size photograph Page 3
DOCUMENTS REQUIRED TO START CHIT FUND Registered office documents •Latest electricity bill •Rental agreement (in case the premises is rented) and an NOC from the landlord •Sale deed (in case the property is owned)
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REGISTRATION PROCEDURE STEPS 1) First obtain a certificate of incorporation from the Registrar of Companies of respective region. (A) Requirements for registration of New Company with Registrar of Chit Fund After getting this certificate, you can apply for registration of first Bye-laws of the company with Chit Fund Department.
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REGISTRATION PROCEDURE STEPS Documents Required: •Memorandum and Articles of Association. •Incorporation Certificate. •Form No. 2 regarding shares allotment. •Form No. 18 regarding registered office. Page 6
3 THINGS TO KEEP IN MIND • Form No. 32 regarding appointment of Directors. • R.O.C. Receipt for filing of form No. 2, 18, 32. • Bank certificate for deposit 1,00,000/- as paid-up capital.
of
Rs.
• Resolution for appointment of foreman of the company. Page 7
Affidavits of the Directors regarding:1. Age, good health and sound mind. 2. Insolvency. 3. Non-conviction. 4. Membership/Directorship in other chit fund company.
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REGISTRATION PROCEDURE STEPS • Proof of ownership of the office premises. • No objection certificate from the landlord. • Rent Receipt of premises. • Lay out plan of premises. • Photo-copies of Ration Cards of the Directors. Page 9
Documents to be submitted at the time of approval of Byelaws • Form CF-1. • Bye-laws (in duplicate). • Form regarding details of business and deposit of fee.
company's
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Documents to be submitted at the time of approval of Byelaws •Certificate duplicate).
of
Registration
in
Form
CF-II
(in
•Bye-laws fee amounting to Rs. 50/- for each Byelaw to be deposited in cash with the Cashier. •Residential proof of Directors/Foreman in the shape of ration card, election I-Card, or passport.
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INSPECTION OF CHIT FUND OFFICE After all the prescribed requirements are fulfilled, spot inspection of the proposed registered office of the company will be made by the Chit Fund Department through an Inspecting Officer. For this purpose, the registered office should be:•Having at least 150 square feet of office area. •Well furnished to conduct chit fund business. •Having an Auction Hall. •A sign board displayed on the front side of the premises. Page 12
FRAMING BYELAWS On receipt of application, the Registrar shall examine the application and Bye-laws in order to satisfy himself that the bye-laws are: 1.in conformity with the Act and Rules. 2. suitable for carrying out the object of the chit. 3. suitable for carrying safe and fair conduct of the business And shall grant a certificate of registration in Form CF-II. Page 13
AMENDEMENT OF BYE LAWS After the Bye-laws have been registered, the chit fund company can apply for the amendment of these bye-laws, if necessary.
Documents Bye-laws:
required
for
amendment
of
•Application along with a Court fee stamp. •Approved Bye-laws (in original). •Proposed Bye-laws (in duplicate).
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AMENDEMENT OF BYE LAWS • When the proposed amendments in Bye-laws are approved, one copy of Bye-Laws duly endorsed for registration of amendment will be issued to the company. • No application for amendment of Bye-laws will be entertained, if the chit group of such Byelaws has commenced.
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REGISTRATION COMPLETED • After the Registrar, Chit Funds is satisfied that all the requirements are fulfilled, a certificate for registration of first Bye-laws will be issued to the company. • The Certificate of registration or the attested copy thereof shall be displayed prominently at every place of chit business.
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CHIT FUND ONLINE REGISTRATION LINKS
•All over India registration Links http://www.mca.gov.in/
•Tamil Nadu Registration Link
http://www.tnreginet.net/igr/webAppln/chits_Document.asp •Karnataka Registration Link http://www.sahakara.kar.gov.in/chitfund.html Page 17
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